CRISPR Therapeutics vs Intellia Therapeutics
CRISPR Therapeutics and Intellia Therapeutics are the two leading pure-play CRISPR gene editing companies, but their strategies have diverged significantly. CRISPR Therapeutics has the first-mover advantage with Casgevy (FDA-approved, $116M 2025 revenue) and is expanding into in vivo cardiovascular editing (CTX310). Intellia is pioneering in vivo CRISPR delivery via LNP, with its lead program lonvo-z (NTLA-2002 for hereditary angioedema) completing Phase 3 enrollment in just 9 months and targeting a BLA filing in H2 2026. Here's how they compare as of March 2026.
Last updated: March 29, 2026
CRISPR Therapeutics (CRSP)
Co-founded by Emmanuelle Charpentier, CRISPR Therapeutics achieved the first FDA-approved CRISPR therapy (Casgevy) and is now expanding into in vivo editing and allogeneic CAR-T with a $2B cash position.
Intellia Therapeutics (NTLA)
Co-founded by Jennifer Doudna, Intellia is the leader in in vivo CRISPR gene editing — delivering CRISPR directly into the body via lipid nanoparticles. Its lead program lonvo-z could become the first in vivo CRISPR therapy approved anywhere in the world.
Key Specifications
| Feature | CRISPR Therapeutics (CRSP) | Intellia Therapeutics (NTLA) |
|---|---|---|
| Ticker | CRSP (NASDAQ) | NTLA (NASDAQ) |
| Market cap (Mar 2026) | ~$4.4B | ~$1.5B |
| Stock price | ~$45 (52wk range: $30-$78) | ~$12 (52wk range: $6-$28) |
| Cash position | $1.98B + $600M notes | $605M (runway to 2027) |
| 2025 Casgevy revenue | $116M (64 patients infused) | — |
| Lead approved product | Casgevy (SCD & TDT) | — |
| Lead pipeline | Zugo-cel (CAR-T), CTX310 (in vivo ANGPTL3) | — |
| Key partner | Vertex Pharmaceuticals (Casgevy), Eli Lilly (zugo-cel) | Regeneron Pharmaceuticals |
| Approach | Ex vivo CRISPR (approved) + in vivo CRISPR (Phase 1) | In vivo CRISPR-Cas9 + LNP delivery |
| Founded | 2013 (Zug, Switzerland) | 2014 (Cambridge, MA) |
| Revenue | — | None (pre-commercial) |
| Lead program | — | Lonvo-z (NTLA-2002) — HAE, Phase 3 complete |
| Second program | — | Nex-z (NTLA-2001) — ATTR, Phase 3 ongoing |
CRISPR Therapeutics (CRSP)
Advantages
- First-mover: Casgevy FDA-approved (Dec 2023), $116M revenue in 2025, ~165 patients in treatment
- Massive cash position: $1.98B (YE 2025) + $600M convertible notes (Mar 2026)
- In vivo pivot: CTX310 (ANGPTL3) Phase 1 positive — durable triglyceride + LDL lowering, published in NEJM
- Zugo-cel (CTX112, allogeneic CD19 CAR-T): 90% ORR, 70% CR in R/R LBCL; expanding into autoimmune diseases
- Eli Lilly collaboration evaluating zugo-cel with pirtobrutinib
- Diversified pipeline: Casgevy (blood), CTX310/CTX340 (cardiovascular), zugo-cel (oncology/autoimmune), CTX460 (AATD)
Limitations
- Casgevy uptake slower than expected: complex 6-9 month ex vivo process, myeloablative conditioning
- Revenue sharing with Vertex limits economics — CRSP receives royalties, not full revenue
- Stock down significantly from highs: $45 vs. 52-week high of $78
- In vivo programs (CTX310, CTX340) still early-stage vs. Intellia's Phase 3 in vivo programs
- Allogeneic CAR-T faces persistence questions vs. autologous approaches
- No near-term BLA filings beyond Casgevy pediatric expansion (H1 2026)
Intellia Therapeutics (NTLA)
Advantages
- In vivo CRISPR leader: lonvo-z (NTLA-2002) Phase 3 HAELO enrollment COMPLETED in 9 months (Sept 2025)
- lonvo-z 3-year data: 97% of patients (31/32) at 50mg dose both attack-free AND off all preventive therapy
- BLA submission target: H2 2026 — potential first in vivo CRISPR approval H1 2027
- Nex-z (NTLA-2001) for ATTR: 93% TTR knockdown sustained 3+ years from single dose
- Breakthrough Therapy designation for nex-z in ATTR-CM
- Platform applicable beyond liver — exploring multi-organ delivery strategies
Limitations
- No approved products or revenue — still pre-commercial
- Stock severely depressed: ~$12 (52-week range: $6-$28), market cap only ~$1.5B
- MAGNITUDE trial (nex-z, ATTR-CM) had FDA clinical hold — now lifted but enrollment delayed
- Cash runway to 2027 ($605M) — may need additional financing before commercialization
- In vivo editing carries irreversibility risk — higher safety bar than ex vivo
- Currently limited to liver-targeted diseases via LNP delivery
The Verdict
As of March 2026, CRISPR Therapeutics ($4.4B market cap) is the safer bet with an approved, revenue-generating product and a $2.6B cash war chest. But Intellia ($1.5B market cap) represents potentially the higher-upside investment — if lonvo-z is approved in 2027, it would be the first in vivo CRISPR therapy, transforming gene editing from a complex transplant procedure into a simple IV infusion. Intellia's 3-year lonvo-z data (97% of patients attack-free and off all medication) is among the most impressive clinical results in gene editing. CRSP is for investors who want proven gene editing exposure; NTLA is for those betting on the in vivo revolution at a heavily discounted valuation.
Sources & References
- [1]CRISPR Therapeutics Q4 2025 results
- [2]CRISPR Therapeutics 2026 milestones
- [3]CTX310 Phase 1 positive data (NEJM)
- [4]Zugo-cel data update (Dec 2025)
- [5]Intellia HAELO Phase 3 enrollment complete
- [6]Intellia lonvo-z 3-year data
- [7]Intellia Q4 2025 financial results
- [8]Intellia MAGNITUDE clinical hold lifted